Private equity-owned cancer care provider Icon Group is poised to be sold for more than $1 billion, as first reported by Street Talk on Sunday.

It is understood a deal has been struck with a consortium comprised of local investment heavyweight QIC Ltd, Goldman Sachs Private Equity and China's Pagoda Investment.

The price is said to be north of $1 billion, representing a multiple of 16 times 2017 financial year earnings before interest, tax, depreciation and amortisation.

Pagoda Investment is a private equity firm specialising in growth capital and buyouts in China's technology, media and telecommunications industry. It is run by former QIC and China Investment Corporation senior executive James Leong.

It is understood Icon's existing doctor-shareholders and management will roll at least half their equity into the NewCo. The strategy is to continue Icon's roll-out of new cancer centres in Australia and accelerate the push into south-east Asia and China.

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The deal is expected to complete by mid-August and is conditional on approval from the Foreign Investment Review Board. However, sources noted the consortium has a strong Australian anchor investor in QIC.